Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Paragraph (a) of subsection B of section 3 of chapter 62 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by adding the following subparagraph: —

(14) An amount equal to the amount contributed by the taxpayer to a college savings plan authorized under section 529 of the Code; provided, however, that the amount to be deducted hereunder shall not exceed $2,000 for any 1 beneficiary.

SECTION 2. Section 1 shall be effective for taxable years beginning on or after January 1, 2007.

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